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Bank Jago Announces Synergy with GoBiz, Helps Merchant Partners Manage Finances

The initial synergies between Bank Jago and GoBiz are in the form of account opening and the Pocket/Pocket feature in the GoBiz application

PT Bank Jago Tbk (IDX: ARTO) and GoTo Group are continuing their strategic collaboration in the GoTo Financial financial services ecosystem. Bank Jago announced its synergy with the platform for GoBiz business partners.

Previously, Bank Jago and GoTo had integrated a number of services on GoPay. Among them, account opening, payment options in Gojek, as well as integrating GoPay into the Pocket feature at Bank Jago.

For your information, GoTo Financial currently licensed in e-wallets, e-money, P2P, finance, to payment gateway. GoTo Financial houses GoPay, GoBiz, Moka, and GoStore. Meanwhile, GoBiz (GoFood, GoPay, and GoKasir) offers one-stop-solutions to help business owners manage their businesses.

"This synergy marks the company's step to play an active role in accelerating the growth of the digital economy in Indonesia, especially for the MSME, retail and business segments mass market,"said the President Director of Bank Jago Kharim Siregar.

This synergy also departs from research conducted by Bank Jago related to point bread business owner. They found that business owners had too many accounts from different banks, had difficulty managing funds, and had little access to business loans.

For the initial stage, Bank Jago integrates account opening and the Pocket/Pocket feature into the GoBiz application. Process also no longer pass verification with KTP and video calls.

In addition, in the near future Bank Jago will also release a feature that allows GoBiz users to withdraw funds on the same day. It is also possible that Bank Jago will provide loans to GoBiz users in the future. Currently, GoTo Group has 15,1 million business partners.

MSME Merchants

Head of Merchant Business Bank Jago Vincent C. Soegianto said that currently merchant GoBiz mostly comes from MSMEs in the F&B segment. According to him, the financial needs of merchant at this scale has not beencapture completely compared merchant large scale (enterprise) which has been accommodated by many banks.

"Bank Jago's synergy with GoTo will proceed in stages because Gojek and Tokopedia have many ecosystems with different needs and segments. This is all we have just entered into individuals [MSMEs], not yet to merchants who already have a PT," said Vincent after the event.

GoTo digital ecosystem / Source: IndoPremier

Based on research Demographic Institute of the Faculty of Economics and Business, University of Indonesia in 2021, MSME players said that the partnership with GoFood provided benefits for operational management through the GoBiz application.

About 75% partners merchant GoFood considers the commission fee charged to be commensurate with the benefits obtained, namely features for managing business, promotions, and access to consumers. Then, 90% partners merchant GoFood is a micro business owner and 34% are first time entrepreneur who just joined during the Covid-19 pandemic.

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